The fintech platform plans to utilise the fund to start operations in Jaipur and Mumbai by March 2021; plans to expand the business in up to 22 cities by FY23.
25th January 2021: Ruptok Fintech Private Limited, a fintech platform for gold loans, has raised INR 10 Crore in Angel Funding round from Wurk, a Canadian Investment Firm. Ruptok has been working towards offering logistics and technological solutions for gold loans to financial institutes at their doorstep in Delhi NCR. The capital infused will be utilised to fuel up the business and operations in Jaipur and Mumbai by March 2021. Along with this, the funds will be used to acquire the talent to strengthen the team size.
Founded in July 2020 by Ankur Gupta, Founder and CEO, a serial entrepreneur and Akshita Gupta, Co-founder and Head HR and Yashwardhan Aeren, Co-founder and Head Product Development, Ruptok endeavours to provide instant loans against gold jewellery (18 carat and above) within 30 minutes. Ruptok is backed by ABL Workspaces Private Limited, a premium co-working space.
The company leverages the low-cost operational model and credit evaluation tools to offer loans at a competitive pricing with a minimum Jumping interest rate of 0.85%. In less than a year, the company has already achieved an Assets under management (AUM) of approximately ₹15 crores and is expected to grow it to ₹50 crore by the end of this FY21.
Talking about the capital infusion, Ankur Gupta, Founder and CEO, Ruptok Fintech Pvt. Ltd. said, “During the pandemic, we have witnessed several people facing liquidity crunch and selling their assets to accomplish their financial needs. Our idea behind launching Ruptok last year was to offer an easy financing options to the customers at the comfort of their doorstep. We profoundly welcome and express our gratitude to Wurk who not only invested their capital in our idea but are also empowering us their trust. This capital will help us to fuel up our business expansion plans to new cities. We are committed to provide gold loans accessible and hassle-free not only for financial institutions but for small and large businesses alike.”
Speaking on the investment, Barbara Holding, a spokesperson from Wurk said, ‘Indian Fintech market has witnessed a tremendous growth trajectory in past few years, especially during pandemic. The global crisis has brought a fundamental shift in consumes’ behaviour and preferring most of the services at their doorstep. At present, the market is attracting a pool of innovative ideas and distinctive solutions to address the core solutions of the consumers by providing the utmost convenience. We believe Ruptok has kick started the operations at the perfect timing to address the financial challenges of the customers with their close to door and instant services. We would like to join Ruptok in their journey to success”
The company plans to expand operations in up to 22 cities in India by FY23. To start with, Ruptok will first step up its operations in to two new markets Jaipur and Mumbai by March 2021.
Source: Business World
